9/29/2004

1. Business plans should be the last thing you do, not the first.
2. Figure out how much you need to make in income and look at all of the non-financial factors that are important in your life.
3. Research the market to make sure that there is really a market.
4. Examine what it will cost to provide the service or make the product.
5. Make sure you know what you're getting into.
6. Now it is time to write your plan, but first you need to figure out why you need a plan. A plan you write for yourself is very different from a plan you write for an investor. Know the audience of the plan. You probably will need to write a couple of different versions for different uses: one for you, one for your investors, and one for creditors. If the plan starts to break down financially or in your ability to make it happen, give it up and go on to your next idea.

About Me

I am a strategic business lawyer, deal attorney and professor. I received my B.A. in Economics from Princeton University and my J.D. from the University of Pittsburgh. I am an adjunct faculty member of Chatham University and Strayer University.